Posts made in August 2021

Is There a Financial Benefit to Homeownership?

buying a homeThere’s no denying it: homeownership is still an important part of the American dream. But as time moves forward, many individuals start to wonder if owning a home in today’s world is as beneficial as owning a home in previous decades. The good news is that there are still countless positives associated with owning a home, including many financial upsides. When you’re looking for homes for sale in Suffolk, VA, remember that a house isn’t just a place to live—it’s an investment in your future. Take a minute to read about two of the main financial benefits of homeownership.

Builds Wealth

Housing prices do not remain stagnant. Therefore, the price you pay today will likely be lower than the price that the next person will pay when they buy the home from you. The difference between these numbers is all wealth that you’ve accumulated simply by owning a home. This increase in housing equity is a significant financial advantage for homeowners if you make a smart purchase and buy within your means.

Promotes Financial Stability

Seeing your mortgage shrink every month is a great feeling that shows your progress as you build equity. On the other hand, when you pay your monthly rent, all you see is a decline in your bank account. For this simple reason, owning a home is often the better option. Many mortgage payments are similar or lower than rent payments—with the added benefit of contributing toward a goal. Owning a home is a step toward financial stability in the long run.

Contact Chorey & Associates Realty, Ltd. today for more advice and to discuss local homes for sale.